Fabrica Cash Flow Yearly Cash Flow (Year 1999-2004) Description 1999 2000 2001 2002 2003 2004 Cash Inflow:             Net Profit After Tax (100,180) 40,651 2,902,627 2,430,598 3,280,708 5,949,583 + Depreciation & Amortization 56,717 163,632 263,060 413,917 668,775 644,286 Total Cash Inflow (43,462) 204,283 3,165,687 2,844,515 3,949,482 6,593,869 Cash Outflow:             Fixed Asset Investment (347,873) (534,571) (497,143) (754,286) (1,274,286) 0 Incremental Working Capital 4,082 (40,012) (472,245) 75,181 (161,605) (411,504) Dividend Payment 0 0 (1,137,239) (2,109,479) (3,421,762) (5,801,595) Total Cash Outflow (343,791) (574,583) (2,106,627) (2,788,583) (4,857,653) (6,213,099) Net Cash Flow (387,253) (370,300) 1,059,060 55,932 (908,171) 380,770 Initial Capital - Founders 510,000 0 0 0 0 0 Investors 0 490,000 0 0 0 0 Accumulated Net Cash Flow 122,747 242,447 1,301,507 1,357,439 449,269 830,039

Project's NPV, IRR, Pay Back Period (Year 1999-2004)

Description	1999	2000	2001	2002	2003	2004
Net Present Value
Cash Flow From Operation
Net Income Before Dividend	(100,180)	40,651	2,902,627	2,430,598	3,280,708	5,949,583
Depreciation	56,717	163,632	263,060	413,917	668,775	644,286
Interest Expenses	(614)	(1,212)	(6,508)	(6,787)	(2,246)	(4,150)
Investment Cash Flow
Initial Capital - Founders	(510,000)	0	0	0	0	0
Investors	0	(490,000)	0	0	0	0
Net Project's Cash Flow	(554,076)	(286,929)	3,159,180	2,837,728	3,947,236	6,589,719
Project's NPV @ Discount Rate of	30%	4,263,865
Project's IRR =	176.14%
Pay Back Period (Years)	1.73